Jnet is the bilingual newsletter of KPMG's U.S. Japanese Practice. Published since 1997, Jnet is issued quarterly to update you on audit, accounting, tax, and other business issues relevant to Japanese companies operating in the United States.
The KPMG Board Leadership Center and Audit Committee Institute (AC) have just published "On the 2016 Board Agenda" and "On the 2016 Audit Committee Agenda," highlighting items that boards and audit committees should keep in mind as they consider and carry out their 2016 agenda.
In 1991 the Internal Revenue Service ("IRS") established the Advance Pricing Agreement ("APA") program, allowing a taxpayer to request that the IRS, and potentially other countries, prospectively approve its transfer pricing facts, transfer pricing methodology and arm's length range of results. The certainty provided by this prospective approach, combined with the attendant potential time and cost savings, has been attractive to many companies. The APA process has become the dispute resolution process of choice for difficult transfer pricing issues.
Innovations in autonomous vehicles, connectivity, and mobility-on-demand will have a profound impact on consumers, particularly among younger and older people, according to a new study by KPMG. With these age groups set to embrace these technological and transformational changes, vehicle miles traveled (VMT) in the U.S. will soar by approximately one trillion additional miles per year by 2050.
There are major uncertainties over demand in the global liquefied natural gas (LNG) market. And, according to the latest in a series of LNG-focused reports from KPMG's Global Energy Institute (GEI), this transforming industry is navigating through uncharted waters.
In this section, we provide brief updates on regulatory developments in auditing and accounting that may impact Japanese companies in the United States.
In this section of Jnet, we provide brief updates on legislative, judicial, and administrative developments in tax that may impact Japanese companies operating in the United States.
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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.